US stocks hit new highs and then reverse in a nasty move lower

<p>It was looking like it might be another strong day in equity-land but an abrupt shift in sentiment hit late in the day with chipmakers and big-cap tech turning lower. It doesn't take much to get some profit taking after a seven-week one-way move so it's not a huge surprise but it's a good reminder that risks run both ways.</p><p>On the day:</p><ul><li>S&amp;P 500 -1.4%</li><li>Nasdaq Comp -1.4%</li><li>DJIA -1.2%</li><li>Russell 2000 -1.3% </li><li>Toronto TSX Comp -0.9%</li></ul><p>Technically, the S&amp;P 500 candle is the worst one since October and should put up some red flags. I would note that yields were down 5-8 bps across the curve which should help shore up sentiment.</p>

This article was written by Adam Button at www.forexlive.com.